Companies in the supply chain looking to prioritise business process improvements in the near future might want to start reading up on anomaly detection systems, which are able to analyse data in order to spot patterns and find instances that don’t tie in with the typical patterns already established.
According to Information Age, anomaly detection can help businesses make better decisions and this will only help to serve the supply chain industry, where inefficiencies cost $2 billion in the UK alone… with over 100 million hours wasted in procurement, for example.
As it was explained, there is a “vast gulf” between the more traditional ways of monitoring data and the demands of businesses in the modern world.
“In the realm of the supply chain insights need to be delivered instantaneously to ensure deliveries are made on time. Machine learning will not only help to improve visibility over the supply of goods but will actively refine the transfer of goods from supplier to customer,” it was observed.
The modern supply chain is under ever-increasing pressure to reduce the cycle times where decision making is concerned, but there’s also more data for them to handle. This means that it can be very difficult to spot the signs that allow for the most meaningful decisions.
But using anomaly detection means that any information, questionable or otherwise, can be assessed very quickly indeed so that faster and more beneficial decisions can be made.
We can support process interventions to resolution and improvement – so get in touch with The Blue Bear Partnership if you need any help in this regard.